FILINVEST Development Corp., the holding firm of the Gotianun family, on Wednesday said its net income in 2018 grew 31 percent to P13.4 billion from the previous year’s P10.27 billion, due to growth in the property and banking segments and also the power group’s ramped-up energy sales.
Revenues grew 8 percent to P73.3 billion from last year’s P67.6 billion.
The bulk of the group’s gross revenues were generated by the property segment at 43 percent and banking at 41 percent, while power- generation operations contributed 13 percent to revenues. The balance of 3 percent came from its sugar business.
“Our investments, not only in power, but also in property and bank infrastructure, are now being reflected in our healthy year-end net income,” FDC Chairman Jonathan T. Gotianun said.
Property income reached P8.8 billion, with growth driven mainly by its recurring income portfolio, while banking subsidiary EastWest Bank ended 2018 with a net income of P4.5 billion, and realizing 11 percent return on equity, which it said is one of the highest in the industry.
The power segment registered P2.1 billion in net income, 16 percent of the group’s total net income.
FDC Utilities Inc. (FDCUI) operates the largest operating baseload power plant in Mindanao, with a capacity of 405 megawatts.
Energy sales from the FDC Misamis power plant grew 24 percent in 2018, while sales from the FDC Misamis power plant grew 24 percent, it said.
Last year, FDCUI partnered with Engie, one of the world’s largest power-generation and distribution firms, to establish Filinvest-Engie Renewable Energy Enterprise Inc., a joint venture providing solar-energy solutions in the Philippines. It has since signed up three solar-roof panel projects totaling 5.4 MW.
Engie has also partnered with the group in establishing the Philippine’s largest district cooling system with up to 12,000 tons refrigerant supplying FLI’s BPO complex.
“The Filinvest group’s entry into airports, hospitality and logistic parks marks the start of a new phase for FDC, as we kick off our involvement in tourism and infrastructure,” FDC President and CEO Josephine Gotianun-Yap said.
“This adds another layer of diversity to our income mix while also complementing investments in the region,” she said.